For students at UCF off campus housing is an opportunity to live independently and have more responsibilities, such as paying rent and bills on time. But to secure an apartment, a renter first often needs a good credit score. Of course, residents of student housing are not expected to be experts in all things financial especially as many students are just starting to build a credit history. At the same time, though, the sooner you learn about your credit score and why it matters to landlords, the better prepared you’ll be to rent your dream apartment.
What Is A Credit Score?
Because more students are wanting to live off campus apartments near UCF are becoming highly sought after. To increase your appeal as an applicant for an apartment, it helps to have a good credit score. A credit score is a three-digit number produced by an algorithm to describe a person’s credit report. There are several popular credit-risk models that create scores, but the most popular is the Fair Isaac Corporation (FICO) model, which produces scores from 300 to 850 with higher scores meaning better credit. There is no single factor that determines a credit score. Rather, your credit score is a mix of your payment history, including whether you pay bills on time, as well as how much money you owe, how long you’ve been building credit, and other factors.
How Credit Impacts Renters
In essence, a credit score is meant to represent the likelihood that a person will pay for bills, loans, and other things on time and not default. In the eyes of landlords who manage student apartments near UCF, credit scores have implications regarding renters and rent payments.
High Credit Score
Property managers are likely to perceive a student with a high credit score as being a responsible person who will reliably pay rent on time. Therefore, should several people to apply for the same apartment, the applicant with the highest credit score would be more likely to secure the apartment.
Low Credit Score
A low credit score doesn’t automatically mean a person will be denied the ability to rent an apartment. For example, a student making regular payments on a student loan would probably have a low credit score but may still appear responsible in the eyes of a property manager. On the other hand, a person with a history of making late payments on bills might have a low credit score and, in order to qualify for an apartment, may need a cosigner with good credit.
Tips for Good Credit
Managing your credit cards is one of the fundamental ways to maintain a good credit score. In Orlando student housing is often located close to places for shopping and dining and some students may be tempted to use credit cards to make purchases. Although small purchases with a credit card can help a person build good credit, this only happens if the charges on the card are paid back immediately. In other words, don’t pay with a credit card unless you have enough cash or savings to cover the charge. Also, for any outstanding credit card debts, make sure to make payments on time and for more than the minimum amount allowed. Meanwhile, paying all other bills, from electric utilities bills to fees for music or movie streaming services, is likewise important for building a good credit history.
Off Campus Housing near UCF
The Station Alafaya offers luxury off campus housing in a student-friendly environment. Our convenient location near the UCF campus makes commuting to classes easy, while residents also enjoy world-class amenities, including a two-story fitness center, resort-style swimming pool, and large clubhouse. As for life at home, we offer fully-furnished townhomes, where students have modern furnishings, high-speed internet, cable TV, and private bedrooms and bathrooms. Contact us to schedule a tour of The Station!